The median cash premium paid for a Housing Board resale flat fell to zero in February 2014, down from $3,000 in January, according to Singapore Real Estate Exchange (SRX) flash figures on Thursday. This was the lowest median cash over valuation (COV) figure since SRX records began in 2006.

This was on the back of zero or negative median COVs in 12 HDB towns, with Bukit Panjang, Punggol, Sembawang, Sengkang and Woodlands leading the fall. About 37 per cent of deals closed below valuation overall.

Resale prices fell by 1.8 per cent, hitting the same price level as 20 months ago in June 2012. This was the sharpest month-on-month fall since prices started declining in April last year.

And fewer flats changed hands. There were 734 resale flats sold in February 2014, down both from the 918 sold on January, and the 783 sold in February 2013.

Rental volume was also down, with an estimated 1,118 flats rented, down from 1,496 in January and 1,296 a year earlier. However, rental prices picked up slightly. The median monthly rental was $2,350, up from $2,300.